I am preparing a detailed explanation of how I have dealt with all of the reviewers' and Editor's comments for a manuscript. The editor's comments are as follows:
I regret I am unable to accept your paper for publication in XXX, at least in its present form. I should, however, be prepared to consider for publication a substantially revised version that takes into account the suggestions of the referees. Such a revised paper may be refereed and there would be no guarantee of acceptance. The three referees agree that you have obtained useful results. They raise a number of issues you should be able to solve relatively easily.
Is it necessary to reply to editor's comment like this? How to reply to editor's comment such as'Such a revised paper may be refereed and there would be no guarantee of acceptance'?